The statement for the culprit is correct. The bank officials assured him that there will not be any problem and has taken their share. Now the whole country is telling the name of the culprit only but the names of the officers who acted as hand in glove with him and taken the commission. So PNB is to be blamed for having such officers at the helm of the affairs. If the children do a mistake the people will start criticizing the parents. Same is the case here. The bank has to take the blame for having such officers.
Today I have seen in the newspaper that PM has ordered all the concerned agencies to take strong action on all the responsible persons for this scam.
I am thus always scared of big money.
Every incident reported in the media only reinforces this belief.
During the initial days of my career I have heard trade union leaders talk 'industries die, but industrialists flourish and live happily". It is a golden truth.
Many big industrialists and business men do not have any significant stake and they spend the poo, ordinary people's money. They spend lavishly and keep all who matter happy and under their control by various means. Everything will go well as far as it is in their favour. The moment they sense things are not so good, they use all tricks and gimmicks and safeguard themselves leaving others exposed and blamed.
I have earlier also said that our company laws should be amended and "Company is a separate legal entity different from the promoters ' should be changed. Now the promoters and directors can go scot free personally and only the company assets are liable.
I still believe that the roots of the current PNB incident is different from what is coming in public. Defaults occur in banking business. But alert system and personnel can smell it well before it is coming. PNB is not a proprietary concern where only one person runs the business and his ignorance or fault can affect business.
Whatever comes now is to become wise after the event.
I still believe that there would have been whistleblowing from many quarters , but they were either suppressed or ignored. The vigilance departments and auditing departments have their own ways to get inputs on suspicious activities. Banks get alerts and signals even through anonymous letters from their own employees, clients and even from the employees of the borrower firms. Whatever reports come now show that there were disenchantment within the firm's employees, franchisees etc. An alert market intelligence by the bank could have easily alerted it. Many such points lead us to doubt that the truth is different from what is coming in the media.
Honesty is the best policy.
The Government should use all its power to seize all the assets of Nirav Modi and the people to whom the money has been diverted, bring him to trail and jail him without bail or parole. If this is done, then we would send a message to such potential scamsters that India means business and there is no mercy for such high end criminals.